I started with my budget for December/January 2016. I used to draw up a budget every month but lately I’ve just been winging it. I would spend a lot of money the first week after I receive my paycheck then hit the breaks on my spending for the 3 remaining weeks of the month.
I get paid on the 25th of every month but in December we usually get paid a week earlier. This time round I got paid on the 14th. Now I need to survive an extra 11 days on that paycheck and its the festive season. No wonder I only have $130 in my current account and $10 in my wallet.
My wife got an expensive gift from me for Christmas just because I wasn’t buying anyone else any Christmas presents. We agreed no presents this year. Except for the little kids. My nieces and nephews each got something from me and my wife.
I didn’t start recording my cash transactions last month. I only started on the 1st of January. Let’s see how long it will last this time. I’m going to take it one month at a time. So because there is no way to know how I spent my cash, all ATM withdrawals that showed up on my bank statement went to pocket money. I probably did spend all that money on entertainment anyway because my wife buys the groceries.
My budget for December/January wasn’t well thought through. Some categories I overspent a lot and I didn’t pay off my debt because I made a payment with my previous paycheck and the next payment is only due end of January.
No Money Spent Days
(I need to come up with a better title for this challenge)
Things look very depressing at the moment but I managed to survive on the little money I have for a couple of week now and I must still go another two weeks without spending any money. It’s going to be tough but doable.
I’m trying a new challenge whereby I try not to spend money for the entire day. See how many of those days I can rack up and then set myself a target next month whereby I reward myself if I can reach that target.
So far I’ve not spent any money on the 1st, 2nd, 3rd, 4th, 7th, 8th and 11th of January. That’s 7/12 days. Pretty good so far. At this rate I am set to reach 18 days. If I do make 18 days without spending a cent, I will reward myself with a little something special that I can’t really post online.
Savings – Bank Your Change
Right now the only savings plan I have in place is a scheme my bank introduced. Every time I use my debit card to buy stuff, the purchase amount rounded up to the closest $5, e.g. if I have to pay $32, my bank will deduct $35 from my account, $32 to the payee and $3 to my savings account.
I try to use my debit card for all purchases. I obviously can’t use it for cab fare and smaller purchases, but wherever I can use my debit for a purchase, I use it. I usually save between $80-$100 per month.
So far I managed to save $69. Not too bad but since I don’t have any cash left in my current account (just enough for my weekly cellphone expense), this number won’t be growing from now until the end of the month. Maybe once I get paid and I make purchases for that final week of the month.
52 Week Challenge (Coming Soon)
I’ve decided to give the weekly saving challenge a go. I haven’t started yet, but I will just save $100 ($10+$20+$30+$40) after four weeks to get started. Will keep you posted on that.
That’s it for now. I will post more regularly, on time and give a little bit more information. I am not happy with the current format but I just wanted to post something already.
Until next time. Thank you for reading.